Cardano (ADA), the ninth-largest cryptocurrency by market valuation has market participants excited for a likely breakout. According to on-chain analytics firm Santiment, crowd sentiment towards ADA is currently at its most positive level since mid-November 2021.
Positive ADA sentiments increase as the network hits new milestones
At the time of Santiment’s observation, ADA saw a modest wave in the week. The wave made Santiment’s weighted social sentiment metric for ADA to indicate crowd euphoria towards the asset.
However, the metrics elevated value was not all good news for the price of ADA. According to Santiment, the metric combines the positive/negative commentary and multiplies it by social volume to get its value. The price of assets generally tops out when the metric gets too high, and this was the case with ADA in the ensuing days.
From trading around $0.98 at the time, ADA is currently trading at $0.88, down 1.86% and 6.96% in the daily and weekly time frame respectively.
Despite the volatile price action of ADA, the Cardano blockchain network has not stopped clinching new milestones. The number of wallets on the network has continued to grow rapidly now sitting above 3.2 million. Per data from Cardano Blockchain Insights’ dashboard, more than 100,000 new wallets have been created on the network since March 24.
Similarly, the network also saw the launch of WingRiders, an AMM DeFi exchange. The protocol saw its total value locked (TVL) increase over 8000% on its first day and currently has a TVL of around $62.8 million.
Positive sentiments are predominant across the market
Added to the positive ecosystem developments, Cardano is also gearing up for a Hardfork that will greatly improve its capacity. The Vasil Hardfork, which has a tentative arrival date of June 29, will introduce pipelining to the blockchain. It is also expected to power the next wave of dApps on the chain.
Meanwhile, Cardano (ADA) has not been the only crypto asset to be seeing highly positive social sentiments. Santiment recently pointed out that discussions around crypto “appear to be gaining some bullish voices again.” On major social media platforms including Discord, Twitter, Telegram, and Reddit, the word “pump” has hit its highest level of dominance.
However, the building fear of missing out (FOMO) that the metric is likely to produce is not a reason for concern as there are no major euphoric signals, Santiment noted. The market-leading cryptocurrencies including Bitcoin and Ethereum – like ADA – are also trading in the negative on the day.